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Thread: From The Estate: Colony Capital To Sell Neverland Ranch (The Estate Responds - page 63 post 945)

   
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    Default From The Estate: Colony Capital To Sell Neverland Ranch (The Estate Responds - page 63 post 945)





    You will soon be reading news reports stating that Colony Capital has decided to sell Neverland. As the property manager, they have the right to do this. The Estate has issued the following statement in response to a media request for comment:

    We are saddened at the prospect of the sale of Neverland which, under the agreement negotiated during Michael's lifetime, Colony has the right to sell. The Estate will maintain Michael's family home in Encino, including its iconic recording studio there. We continue to build upon Michael's legacy as an artistic genius and humanitarian through his music and new projects such as the Michael Jackson ONE show in Las Vegas. We hope and trust that any new owners of Neverland will respect the historical importance and special nature of this wonderful property. Michael's memory lives on in the hearts of his fans worldwide.

    It is also important to the Estate that Michael's fans understand that although the Estate has no right to stop or obstruct the sale, The Estate did explore a number of potential options for Neverland with Colony but zoning, financial and land use restrictions limited the alternatives and ultimately Colony made the decision to sell.

    MJOnline
    The Official Online Team of The Michael Jackson Estate™

    Link to the article on MJJC: http://www.mjjcommunity.com/mj-estat...everland-ranch
    Last edited by Spyce; 31-07-2014 at 02:30 AM.
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    Default Re: From The Estate: Colony Capital To Sell Neverland Ranch

    I am seriously speechless over this. I'm so confused. I thought the Estate had regained control of the ranch, and that only a small portion of its deed was with Colony?

    I'm really stunned. Fortunately it's not just any other house on the market and I don't know if it's sellable.

    But that makes me worried about what they'd do to actually get it off the market.
    Don't tell me the sky is the limit: there are footprints on the moon.

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    Default Re: From The Estate: Colony Capital To Sell Neverland Ranch

    Well, I'm one of those that is glad to see this done. The property has been in limbo too long and it shouldn't be left to rot (so to speak). After the raid and molestation charges/trial, Mike didn't want anything to do with it, anyway.

    Good riddance!

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    Default Re: From The Estate: Colony Capital To Sell Neverland Ranch

    And this my friends we can thank a family full of douche bags in 93


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    Default Re: From The Estate: Colony Capital To Sell Neverland Ranch

    Quote Originally Posted by reibish View Post
    I am seriously speechless over this. I'm so confused. I thought the Estate had regained control of the ranch, and that only a small portion of its deed was with Colony?

    I'm really stunned. Fortunately it's not just any other house on the market and I don't know if it's sellable.

    But that makes me worried about what they'd do to actually get it off the market.
    I don't know the ins-and-outs of the deal, but I would have to say that if the Estate says the Colony has the right to sell, and they have made the decision to sell, then there is no question of whether or not the property is "sellable". The question is, is the demand for it? Will anybody be interested in purchasing it? And I have no doubts somebody will.

    And like the email says, I too, just hope the future owners understand and respect what Neverland was and meant to so many.
    With L.O.V.E.;
    Jenn ("Spyce") - MJJC News, Events & Promotions


    "I've been an artist most of my life and I've never attacked a fellow artist. Great artists don’t do that."
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    Default Re: From The Estate: Colony Capital To Sell Neverland Ranch

    This makes me kind of sad. I know that Michael left it and vowed to never return, but he also didn't want it sold off either. I thought for sure it was going to be held until his children were old enough to inherit it. Neverland was special.

    I wonder what the asking price will be?

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    Default Re: From The Estate: Colony Capital To Sell Neverland Ranch

    This should be up to the children and no one else! and didnt paris say she wanted to rebuild it ?

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    Default Re: From The Estate: Colony Capital To Sell Neverland Ranch

    I hope the new "owners" understand this will never actually be their home. Even if they torch the place and start fresh. It will always be NeverLand Valley Ranch. It will always be Michael Jackson's home.

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    Default Re: From The Estate: Colony Capital To Sell Neverland Ranch

    I'm going to spend the rest of the evening reminiscing of better times here. http://www.mjjcommunity.com/news/ins...edium=facebook

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    Default Re: From The Estate: Colony Capital To Sell Neverland Ranch

    under the agreement negotiated during Michael's lifetime, Colony has the right to sell.
    Michael's fault, eh?

    Can anyone speak to the type of ownership Colony had with Michael? Did this ownership allow the Estate to purchase what seems to be Colony's controlling share?

    Zoning did not allow this property to be converted to commercial use however; that was not the true purpose of Neverland. It was for children; in particular, Michael's own. The Estate should be prosperous enough to have secured that land for Michael's children.

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    Default Re: From The Estate: Colony Capital To Sell Neverland Ranch

    unless you have money to burn on an empty property you are in no position I say what they should be doing with the ranch

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    Default Re: From The Estate: Colony Capital To Sell Neverland Ranch



    It's just so beautiful there.

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    Default Re: From The Estate: Colony Capital To Sell Neverland Ranch

    Oh no, the Estate should have enough money to buy it back.

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    Default Re: From The Estate: Colony Capital To Sell Neverland Ranch

    maybe they dont like to buy it

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    Default Re: From The Estate: Colony Capital To Sell Neverland Ranch

    Sad news.

    But a little realistic approach:

    Colony Capital gave $23.5 Million for the mortgage/loan on Neverland. Later on covered maintenance, renovation and upkeep costs. With interest and fees etc. I would imagine currently they have spent money around the market value of Neverland.

    Estate's comment "zoning, financial and land use restrictions limited the alternatives" tells that Neverland isn't suitable for commercial use whether it is a museum, graceland kind attraction or arts school (as rumored previously). So with no such alternative and revenue source possible, Neverland becomes a cost item and not surprisingly Colony Capital probably doesn't want a loss on their investment hence the decision for sale.

    This also explains why Estate probably won't buy it. Not only it would require them to pay Colony Capital tens of millions ($23.5 M plus all expenses, interest and fees) to buy it back but they would also need to spend significant amounts in upkeep and maintenance and so on annually. This might not make sense financially especially if Neverland won't be used and just stay empty.

    Quote Originally Posted by Tygger View Post
    Michael's fault, eh?
    Please check Estate's lawsuit against Tohme. They blamed Tohme for unfavorable Neverland deal.
    Last edited by ivy; 31-07-2014 at 03:10 AM.
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